Oil prices have fallen to $78 per barrel, below the level recorded when OPEC+ announced production cuts back in April. The fall reflects fears over a US recession, with strong production and exports from Russia supplying India and China with record volumes of Russian oil. While the price fall may not immediately affect consumer fuel costs, it will benefit global economies fighting inflation. State oil companies will also benefit, after having absorbed oil price losses for the past year. Falling crude prices will also bring down domestic natural gas prices, which are indexed to Brent.